China buys rights to use N. Korea port, gains access to Sea of Japan
September 13, 2012, 12:26 pm TWN
BEIJING -- China has bought the rights to use a North Korean port, state media reported Tuesday, giving Chinese exporters access to the Sea of Japan and bringing much needed income to Pyongyang.
The state-owned Yanbian Haihua Group bought the rights to use two wharves at Chongjin port, on North Korea's east coast, for 30 years after setting up a joint venture company worth US$7.83 million, the Global Times daily reported.
The port, on the Sea of Japan, which is known to Koreans as the East Sea, is close to the Rason economic zone, near North Korea's borders with Russia and China.